Introduction to Insurance

Last updated over 1 year ago

10 questions

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Library

Introduction to Insurance

Last updated over 1 year ago

10 questions

Required

1

Draggable item		Corresponding Item

Required

1

Required

1

Required

1

Required

1

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1

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1

Match the vocabulary words with their definitions

Draggable item		Corresponding Item
Premium		Asking the insurance company for money for your loss/damage/bill
Limit		The specific insurance plan you chose
Claim		How much you pay before insurance pays the rest
Deductible		The maximum amount insurance will cover
Policy		The price of your insurance policy

How does an insurance company determine your premium?

The premium is based off the probability you will use the policy

The premium is based off the geometry you will use the policy

Typically, as the premium increases, the deductible _______________.

increases

decreases

Suppose someone pays $79 premium per month for health insurance which has a $200 deductible and covers up to $10,000.

Part A: How much will you pay a year in health insurance?

$979

$948

$10,200

$279

Suppose someone pays $79 premium per month for health insurance which has a $200 deductible and covers up to $10,000.

Part B: Unfortunately you have a sore throat and have to go into the doctor. The doctor bill turns out to be $250 after a few tests were run. How much will you have to pay before insurance kicks in?

$79

$200

$10,000

$50

Suppose someone pays $79 premium per month for health insurance which has a $200 deductible and covers up to $10,000.

Part C: Unfortunately you have a sore throat and have to go into the doctor. The doctor bill turns out to be $250 after a few tests were run. How much will insurance pay?

$79

$200

$10,000

$50

How much is your yearly health insurance if your monthly premium is $120?

$140

$1440

$220

$820

Health insurance premiums are known to increase by 50% for smokers(tobacco and nicotine). Suppose someone's monthly health insurance is $120. The insurance company finds out you smoke(https://healthcareinsider.com/health-insurance-smokers-42747) and therefore raises your rate by 50%. How much is your new health insurance premium?

HINT! Determine 50% by $120 * 0.50
Then, add that answer to $120.

$60

$120

$150

$180

How much is your yearly health insurance if you pay 180 a month?

$2160

$440

$820

How much more do you pay a year because of the premium increase?
(Hint: You will use the premium amounts you calculated in #7 and #9)

$50

$330

$720

Match the vocabulary words with their definitions

Premium

Asking the insurance company for money for your loss/damage/bill

Limit

The specific insurance plan you chose

Claim

How much you pay before insurance pays the rest

Deductible

The maximum amount insurance will cover

Policy

The price of your insurance policy

How does an insurance company determine your premium?

The premium is based off the probability you will use the policy

The premium is based off the geometry you will use the policy

Typically, as the premium increases, the deductible _______________.

increases

decreases

Suppose someone pays $79 premium per month for health insurance which has a $200 deductible and covers up to $10,000. 

Part A:  How much will you pay a year in health insurance?

$979

$948

$10,200

$279

Suppose someone pays $79 premium per month for health insurance which has a $200 deductible and covers up to $10,000.

Part B:  Unfortunately you have a sore throat and have to go into the doctor.  The doctor bill turns out to be $250 after a few tests were run.  How much will you have to pay before insurance kicks in?

$79

$200

$10,000

$50

Suppose someone pays $79 premium per month for health insurance which has a $200 deductible and covers up to $10,000.

Part C:  Unfortunately you have a sore throat and have to go into the doctor.  The doctor bill turns out to be $250 after a few tests were run.  How much will insurance pay?

$79

$200

$10,000

$50

How much is your yearly health insurance if your monthly premium is $120?

$140

$1440

$220

$820

Health insurance premiums are known to increase by 50% for smokers(tobacco and nicotine).  Suppose someone's monthly health insurance is $120.  The insurance company finds out you smoke(https://healthcareinsider.com/health-insurance-smokers-42747) and therefore raises your rate by 50%.  How much is your new health insurance premium?

HINT!  Determine 50% by $120 * 0.50
Then,   add that answer to $120.

$60

$120

$150

$180

How much is your yearly health insurance if you pay 180 a month?

$2160

$440

$820

How much more do you pay a year because of the premium increase?
(Hint: You will use the premium amounts you calculated in #7 and #9)

$50

$330

$720

Introduction to Insurance

Introduction to Insurance

Match the vocabulary words with their definitions

How does an insurance company determine your premium?

Typically, as the premium increases, the deductible _______________.

Suppose someone pays $79 premium per month for health insurance which has a $200 deductible and covers up to $10,000. Part A: How much will you pay a year in health insurance?

Suppose someone pays $79 premium per month for health insurance which has a $200 deductible and covers up to $10,000.Part C: Unfortunately you have a sore throat and have to go into the doctor. The doctor bill turns out to be $250 after a few tests were run. How much will insurance pay?

How much is your yearly health insurance if your monthly premium is $120?

How much is your yearly health insurance if you pay 180 a month?

How much more do you pay a year because of the premium increase?(Hint: You will use the premium amounts you calculated in #7 and #9)

Suppose someone pays $79 premium per month for health insurance which has a $200 deductible and covers up to $10,000.

Part A: How much will you pay a year in health insurance?

Suppose someone pays $79 premium per month for health insurance which has a $200 deductible and covers up to $10,000.

Part C: Unfortunately you have a sore throat and have to go into the doctor. The doctor bill turns out to be $250 after a few tests were run. How much will insurance pay?

How much more do you pay a year because of the premium increase?
(Hint: You will use the premium amounts you calculated in #7 and #9)